ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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soft drinks
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diamonds
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farming
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None of the above
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Detailed explanation-1: -Therefore, agriculture is the best example of a perfectly competitive market.
Detailed explanation-2: -Most agricultural markets are “perfectly competitive, ” meaning (ideally) that a homogeneous product is produced by and for many sellers and buyers, who are well informed about prices.
Detailed explanation-3: -Expert-Verified Answer Farming is the best example of a perfectly competitive market.
Detailed explanation-4: -The best examples of a purely competitive market are agricultural products, such as corn, wheat, and soybeans. Monopolistic competition is much like pure competition in that there are many suppliers and the barriers to entry are low.
Detailed explanation-5: -Many Competing Firms. A perfectly competitive market has many buyers and sellers. Similar Products Sold. Equal Market Share. Buyers have full information. Ease of Entry and Exit. Agriculture: Foreign Exchange Markets: Online shopping: More items